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June 29, 2015 8:36 PM ET

Banks

Company Overview of Synchrony Bank

Company Overview

Synchrony Bank provides commercial banking products and services. It offers certificate of deposits, money market accounts, and savings accounts. Synchrony Bank was formerly known as GE Capital Retail Bank and changed its name to Synchrony Bank in June 2014. The company was founded in 1988 and is based in Draper, Utah. Synchrony Bank operates as a subsidiary of Synchrony Financial.

170 West Election Road

Suite 125

Draper, UT 84020

United States

Founded in 1988

Phone:

801-816-4778

Fax:

801-816-4770

Key Executives for Synchrony Bank

Chief Executive Officer
Age: 55
President and Chief Executive Officer of Europe
Age: 54
Chief Executive Officer for Americas
Age: 45
Chief Executive of Retail Sales Finance -Americas and President of Retail Sales Finance -Americas
Age: 58
Chief Executive Officer of GE Money Asia and President of GE Money Asia
Age: 62
Compensation as of Fiscal Year 2014.

Synchrony Bank Key Developments

GE Money Reports Group Earnings Results for the Year 2014

GE Money reported group earnings results for the year 2014. The GE Money group, including GE Money Bank, GE Money Auto and GE Money Leasing, saw its net profit rise by 11% to CZK 4.3 billion in 2014. GE Money's annual increase in net profit was influenced by its entry into new fields with a high potential of growth.

GE Money Announces Earnings Results for the Nine Months of 2014

GE Money announced earnings results for the nine months of 2014. For the period, the company’s net earnings rose by 21% to CZK 3.39 billion. The growth in net earnings was caused by the launch of new activities such as commercial property financing and the bank's focus on simplifying of processes and effective management.

Justice Department and Consumer Financial Protection Bureau Reaches $169 Million Settlement to Resolve Allegations of Credit Card Lending Discrimination by Synchrony Bank

The Department of Justice and the Consumer Financial Protection Bureau (CFPB) announced a settlement to resolve allegations that GE Capital Retail Bank, known as of this month as Synchrony Bank, engaged in a nationwide pattern or practice of discrimination by excluding Hispanic borrowers from two of its credit card debt-repayment programs. The settlement resolves claims by the department and the CFPB that GE Capital violated the Equal Credit Opportunity Act (ECOA) by excluding borrowers who indicated that they preferred communications to be in Spanish or had a mailing address in Puerto Rico from two credit card debt-repayment programs. The agreement is a joint fair lending enforcement action by the department and the CFPB and is the federal government's credit card discrimination settlement in history. The settlement provides $169 million in relief to approximately 108,000 borrowers in the form of monetary payments and the reduction, or complete waiver, of borrowers' credit card balances. GE Capital itself identified and reported the discrimination to the CFPB, was proactive in taking steps toward providing relief to affected borrowers, and has worked closely with the department and the CFPB to further identify and compensate victims of the discrimination. Specifically, GE Capital has already provided the benefits of the offers or their equivalent value to approximately 84,000 borrowers, totaling $131.8 million in relief. Following the settlement, the bank will provide the remaining $37 million in payments, reductions and waivers to affected borrowers.

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